UBS AG (UBSN) is closing its profitable debt restructuring unit, integrating it into a unit that offers high-interest loans, the New York Post reported, citing unidentified people familiar with the matter.
A spokeswoman told the newspaper the Swiss bank isn’t “exiting the restructuring business.”
However, the Post said UBS has been telling clients that the business will be “de-emphasized,” according to its informants.
The unit has added as much as $80 million to UBS’s profit at little cost, the newspaper cited a person familiar with its workings as saying.
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